Yesterday, MercadoLibre Inc, a multinational e-commerce company announced the creation of a new cryptocurrency called MercadoCoin. According to reports, the cryptocurrency will run on the Ethereum network as an ERC-20 token priced at $0.10 each. The cryptocurrency will be used for cashback and purchases inside MercadoLibre’s platform. The cryptocurrency will be available to more than 500,000 users in Brazil.